Pacific Rubiales Declines as Crude Falls Most This Year

April 3 (Bloomberg) -- Pacific Rubiales Energy Corp., the
Toronto-based producer that operates Colombia’s largest oil
field, fell to the lowest since December 2011 as crude dropped
the most this year on higher U.S. stockpiles.

Pacific Rubiales retreated 7.7 percent to 35,380 pesos at
3:03 p.m. in Bogota. It contributed the most to the IGBC index’s
2.2 percent decline.

“We are seeing a lot of sale pressure among commodity
companies, especially from Canada,” Sebastian Gallego, an
analyst at brokerage Corredores Asociados SA, said in a phone
interview from Bogota. Pacific Rubiales’s shares sank 8.5
percent in Toronto.

Other oil companies also slumped in Bogota as the price of
crude dropped after the U.S. said that oil stockpiles climbed to
the highest level in more than 22 years. Canacol Energy Ltd.
retreated 4.4 percent and Petrominerales Ltd. fell 2.2 percent.